Failing To Plan Your Business Financing Can Be A Death Sentence For Your Business
Most businesses start out thinking the first thing they need is a great business plan. The popular myth is that potential lenders will place great stock in your business plan as a major consideration for approving the financing you need.
While a well written business plan will assist you when you are seeking financing, it is far down on the lenders list behind things such as your business management teams experience, your past business successes and your lending character . Having a plan for accessing the business capital you need to execute your business plan is what is required to bring your business success. Not having a viable business financing plan is the direct cause of why 90% of all new businesses fail.
Your lending character means the lender sees you having the ability and stability to repay the loan. They also ask how far they believe you can take the business to maximize the potential earnings and therefore their chances of getting repaid.
The first thing a lender is going to look at is how did you structure the business and were you responsible and...
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